0545 GMT - UBS Group AG is among the most mentioned companies in the news over the past 12 hours, according to Factiva data, after it agreed to take over smaller rival Credit Suisse Group AG for more than $3 billion. The deal, engineered over the weekend by Swiss regulators, is part of an urgent effort to restore confidence in the global banking system after the collapse of two U.S. lenders. Credit Suisse had secured a more than $50 billion lifeline from the Swiss central bank after the lender's share price hit a record low, but the action wasn't enough to stop a slide in its shares or stem the loss of bank deposits. The deal to be bought by UBS caps a tumultuous week for Credit Suisse and marks the end of its nearly 167-year run as an independent institution. Dow Jones & Co. owns Factiva. (farah.elias@wsj.com)

(END) Dow Jones Newswires

March 20, 2023 02:00 ET (06:00 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
UBS (NYSE:UBS)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more UBS Charts.
UBS (NYSE:UBS)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more UBS Charts.